Education: The Ph.D. Glut

In recent years, universities have been graduating far more students with doctorates—a record 32,000 last year—than there are jobs for them. Now a task force has reported to the Department of Health, Education and Welfare not only that there is a glut of degree holders, particularly in the humanities and social sciences, but that their overall quality has declined.

At work is a peculiar Gresham's law (bad drives out good) that was inadvertently set in motion in 1968 by the Federal Government's decision to cut research grants and fellowships. It caused prestigious universities,...

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